“While you’re pulling together information to file last year’s taxes, note which categories have the most activity,” suggests Mechel Glass, director of education for Consumer Credit Counseling Service (CCCS) of Greater Atlanta. “Make specific folders for such items as out-of-pocket medical and drug costs, work-related expenses such as mileage costs that are not reimbursed and educational costs.” Designate one location for all tax information and keep up with filing regularly. Next year, the tax preparation process will be much easier because all the records and receipts have been kept together.

CCCS offers the following tips to help consumers organize their financial lives

Read On 8 Simple Tips to Organize Your Finances | RISMedia

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 A rule affecting the state-run property insurer is important for what it no longer requires. HB 1495 by Rep. Bryan Nelson repealed a requirement that, effective Jan. 1, 2010, sellers of property insured by Citizen’s Property Insurance Corp. which is located in the wind-borne debris region with an insured value on the structure of $500,000 or more, provide prospective buyers the structure’s windstorm mitigation rating.

Tampa Tribune, Fla., Catherine Whittenburg

TALLAHASSEE, Fla. – Jan. 4, 2010 – The start of 2010 brings with it the enactment of new state rules and regulations relating to sinkhole insurance and property taxes.

Effective Friday:

• Sinkhole losses, Part 1 (SB 742 from state Sen. Mike Fasano, R-New Port Richey): Private insurers can “nonrenew” existing sinkhole coverage for properties in Pasco and Hernando counties, where sinkhole claims have mushroomed over the years.

Insurers that do this must notify the policyholders and offer alternative coverage that includes “catastrophic ground cover collapse,” excluding sinkholes. Catastrophic ground cover collapse refers to extreme damage in which a property is essentially destroyed and uninhabitable.

If they choose, those policyholders may buy back sinkhole coverage at additional cost. However, issuance of such coverage, in the form of a policy endorsement, may be subject to a property inspection. Those who choose to go without the extra coverage must receive a credit or discount. Bill sponsors said those discounts could halve some policyholders’ premiums, which have been increasing because of the rise in sinkhole claims.

• Sinkhole losses, Part 2 (SB 742 continued): The bill also requires the state to implement a grading system to determine how effective local sinkhole loss prevention ordinances are at preventing sinkholes and reducing the severity of damages. Each ordinance will be graded four years upon taking effect.

The state will mandate discounts on property insurance policies based on (1) a property’s compliance with such sinkhole ordinances and (2) the effectiveness of those ordinances.

• Beefing up TRIM notices (HB 701 from Rep. Matt Hudson, R-Naples): Existing law requires property appraisers to send taxpayers “Truth In Millage” notices, which indicate how the payer’s bill will be affected if the local taxing authority does or does not adopt a taxing proposal for the coming year.

The state has not mandated that actual millage rates appear on TRIM notices – until now. Starting next month, TRIM notices will also have to list the prior year’s millage rate, the proposed millage rate for the coming year if proposed budget changes are made, and the rate if the proposal is not adopted.

Copyright © 2009 . Distributed by McClatchy-Tribune Information Services.

Extending the Good News for Home Buyers

By Lawrence Yun, Chief Economist, NAR Research

Let’s first turn to the terrific news regarding the housing stimulus. Earlier this month, the U.S. Congress overwhelmingly passed and the President signed into law new measures to maintain the momentum for a housing market recovery. The home buyer tax credit, originally scheduled to expire at the end of November will now be available through the middle of next year and more potential buyers will be able to take advantage of it. The income limit was also increased and many move-up buyers – not just first-timer purchasers – also will qualify. Furthermore, loan limits will not shrink as was planned for next year; in high-cost areas, the loan limit will remain at near $730,000 in 2010, thereby permitting more consumers to tap into the historically low mortgage rates.

To read the rest of the article

The issue of beautification of the Gulf Breeze area long has been a hot topic, and the recent approval for a $350,000 grant could go a long way to meet expectations.
To read the whole article: http://www.gulfbreezenews.com/news/2009-12-03/Front_Page/Core_area_to_see_upgrade.html

RIS Media 5 Tips

In a recent post from the National Association of Realtors in Washington on Oct. 1, 2009 – “Pending home sales have increased for seven straight months, the longest in the series of the index which began in 2001, according to the National Association of Realtors®.

The Pending Home Sales Index, a forward-looking indicator based on contracts signed in August, rose 6.4 percent to 103.8 from a reading of 97.6 in July, and is 12.4 percent above August 2008 when it was 92.4. The index is at the highest level since March 2007 when it was 104.5.

Lawrence Yun, NAR chief economist, said not all contracts are turning into closed sales within an expected timeframe. “The rise in pending home sales shows buyers are returning to the market and signing contracts, but deals are not necessarily closing because of long delays related to short sales, and issues regarding complex new appraisal rules,” he said. “No doubt many first-time buyers are rushing to beat the deadline for the $8,000 tax credit, which expires at the end of next month.”

The Pending Home Sales Index in the Northeast jumped 8.2 percent to 85.3 in August and is 12.0 percent higher than August 2008. In the Midwest the index rose 3.1 percent to 90.8 in August and is 7.6 percent above a year ago. In the South, pending home sales increased 0.8 percent to an index of 104.6 and is 8.2 percent above August 2008. In the West the index surged 16.0 percent to 130.5 and is 22.3 percent above a year ago.

“There is likely to be some double counting over a span of several months because some buyers whose contracts were cancelled have found another home and signed a new contract to buy,” Yun explained. “Perhaps the real question is how many transactions are being delayed in the pipeline, and how many are being cancelled? Without historic precedents, it’s challenging to assess.”

Yun also noted that the data sample coverage for pending sales is smaller than the measurement for closed existing-home sales, so the two series will never match one for one.

NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth, said first-time buyers need to act now. “Potential first-time buyers must make a contract offer very soon to have a reasonable chance of qualifying for the tax credit,” he said. “Congress needs to extend and expand this program because it’s stimulating the economy and reducing inventory close to price stabilization points.”

McMillan said a sizable number of homebuyers already in the pipeline could be let down because of the tight deadline. “We know there is a pent-up demand because sales are below normal levels for the size of our population. The faster we absorb excess inventory, the sooner we’ll turn the corner on home prices, prevent additional families from becoming upside-down in their mortgages, and give Wall Street the confidence to extend credit to other sectors,” he said. “Each home sale pumps an additional $63,000 into the economy through related goods and services, so the benefits of extending and expanding the tax credit far outweigh the costs.”

Yun said the forecast for home sales and prices depends very much on whether a tax credit is extended. “All we can say for certain is sales will decline when the tax credit expires because we are not yet on a self-sustaining recovery path. It also raises a risk of a double-dip recession,” he said. “Extending and expanding the tax credit is the best tool in our arsenal to encourage financially qualified buyers to stimulate the economy and help reduce the budget deficit.””

Florida Representative Dave Murzin

Representative Murzin Appointed to Florida Council on Military Base and Mission Support

Council Will Help To Maintain Military Presence In Florida

Speaker Larry Cretul has appointed Representative Dave Murzin to the Florida Council on Military Base and Mission Support. “It is a great honor to have been appointed to this position,” said Rep. Murzin, “The Council will be an essential element in maintaining the military presence here in Florida. The military is vital to our economy.”
Last June, HB7123 sponsored by Rep. Murzin was signed into law creating the Florida Council on Military Base and Mission Support. The Council will be responsible for providing community and state support to the 20 installations and three unified commands in Florida that would not only keep current infrastructure intact, but also promote the transfer of more military assets to Florida. The Council will be made up of gubernatorial appointees and House and Senate members. The Council will work to strengthen Florida’s relationships with the military and help prevent any future base realignment rounds from negatively impacting our state.

Representative Murzin is thankful for this opportunity and is looking forward to working with the other council members.

The Community Maritime park Associates, City of Pensacola, Community Redevelopment Agency, and Maritime Park Development Partners had their Groundbreaking Ceremony for the Vince Whibbs Sr. Community Maritime Park Development on Thursday, September 17, 2009, at the future site of the Park.  What a great day this will be for all of us in Northwest Florida. 

Lots of great events going on for us in Northwest Florida.  Here are but a few of the events to look forward to for September.

Some Americans might choose to start a small business. Experts estimate that start-up costs for many new business ventures are between $10,000 – $15,000. With $8,000, a large portion of your initial investment would be covered.

If you really think about it, there are so many things you could do with $8,000. You could open a 529 college savings plan. You could add your 8 grand to the government’s $4,500 Cash for Clunkers plan and buy a new car. You could take your family on an amazing once-in-a-lifetime vacation. You could open an IRA and save for retirement…

But what’s the point in dreaming. The government’s not giving away $8,000, right?

Wrong.

Right now, through November 30th of this year only, the government is giving qualifying first-time home buyers up to $8,000 for purchasing a home (or up to 10% of the purchase price). This is free money that you do not have to pay back. And here’s the best part: if you qualify, you can get your money from the IRS this year, even if you’ve already filed your 2008 taxes.

There are, of course, limitations and other qualifying factors, but they are all pretty reasonable and easy to explain, and we’ll be glad to discuss these with you or anyone you know who is looking to buy a home. With today’s combination of lower home prices and lower interest rates, this temporary incentive from the government is really a great option for many Americans who act now to finally fulfill their dreams of owning a home.

Provided by

Shellie Isakson, Mortgage Banker

Beach Community Mortgage 850-232-3224